Following is an extract from the Employee Payroll Database of HFR Informatics Inc.
What is the relative frequency of Grade 3 employees?
A) 4
B) 0.55
C) 0.20
D) 5
Answer:
Problem statements such as the amount of material used in production cannot exceed
the amount available in inventory would be categorized as a ________ constraint.
A) proportional relationships
B) limitations
C) requirements
D) simple bounds
Answer:
Which of the following is the equation for calculating the coefficient of variation (CV)?
A) CV = standard deviation/mean
B) CV = standard deviation – z-score/mean (total variation)
C) CV = value of observation’s distance from mean/standard deviation
D) CV = mean/(standard deviation)2
Answer:
The Atlas Movies Theater is planning to reprice their ticket rates to maximize revenues.
They have three classes of tickets: Classic, Silver, and Gold. The table below provides
information on the average ticket sales, revenue and price elasticity on demand. They
have a total seating capacity of 300. The table also provides the price range within
which they plan to reduce their ticket rates.
Which of the following is true of the nonlinear model created for the Atlas movie ticket
repricing scenario?
A) The projected revenue for the Gold class is infeasible within the price range
provided.
B) The projected value for most tickets sold is for the Silver class.
C) The total projected tickets sold exceed the total seating capacity.
D) The projected revenue is lowest for the Gold tickets.
Answer:
The average cost for the sample of 5 sales of a product is = $230 and the
sample standard deviation is s = $17.50. The hypothesized mean is μ0 = $250.
Compute the value of the test statistic.
A) -2.56
B) -4.00
C) -1.67
D) -3.87
Answer:
The Riviera Transport Company (RTC) produces car accessories at two plants: Dallas
and Atlanta. They ship them to major distribution centers in Houston, San Jose,
Jacksonville, and Memphis. The accounting, production, and marketing departments
have provided the information in the table below, which shows the unit cost of shipping
between any plant and distribution center, plant capacities over the next planning
period, and distribution center demands. RTC’s supply chain manager faces the problem
of determining how much to ship between each plant and distribution center to
minimize the total transportation cost, not exceed available capacity, and meet customer
demand.
Assume Xij = amount shipped from plant i to distribution center j, where i = 1
represents Dallas, i = 2 represents Atlanta, j = 1 represents Houston, and so on.
Which of the following gives the constraint for the demand met at a distribution center?
A) X11 + X21 = 1,250
B) X13 + X23 ≥ 210
C) X13 + X23 = 770
D) X13 + X23 = 480
Answer:
Which of the following tests is used to determine if two categorical variables are
independent?
A) Chi-square test
B) t-test
C) z-test
D) ANOVA
Answer:
Which of the following types of conditions is most likely to render a midrange value
useless? A) having repetitious values in the data set
B) having the data arranged from least to greatest in value
C) having a small sample size
D) having extreme values in a data
Answer:
If bs are weights, Xs are input values, and c is a constant or intercept, provide the
equation for discriminant functions, L.
A) L =
B) L = b1X1 + b2X2 + … + bnXn + c
C) L =
Z) L =
Answer:
Below is the spreadsheet for an economic order quantity model.
Assume that the distribution of demand is normal with a mean of 20,000 and standard
deviation of 2,000.
What is the increase in total cost?
A) $ 280
B) $ 590
C) $ 353
D) $ 450
Answer:
In the linear trend equation, Ft+k = at + btk, at is known as the ________.
A) level
B) trend
C) slope
D) forecast
Answer:
Which of the following features of classification, used in Excel, for a particular
database will necessarily be coded to a certain value?
A) categorical variables
B) non-numerical variables
C) predictor variables
D) numerical variables
Answer:
Uniform or triangular distributions are used in the absence of data.
Answer:
Below is the spreadsheet for a project selection model:
What is the total return obtained from all five projects?
A) $ 860,000
B) $ 550,000
C) $ 700,000
D) $ 395,000
Answer:
Shirley Templeton is a real estate agent for Paralol Realty. Shirley is given the
responsibility to manage potential customers for 5 of the Realty’s bungalows. These 5
bungalows are situated in close proximity. In order to make traveling easier, Shirley
decides to move to a location closer to the 5 bungalows. The table below gives the
location (X and Y coordinates) of the 5 bungalows along with the number of trips she
would have to make to each bungalow. Create a nonlinear model based on the data
given in the table below noting that the objective is to reduce the weighted distance
between Shirley’s accommodation and the 5 bungalows.
According to the model, what is the Y-coordinate for the location of Shirley’s new
accommodation?
A) 91.16 B) 25.08 C) 98.21 D) 54.62
Answer:
Shirley Templeton is a real estate agent for Paralol Realty. Shirley is given the
responsibility to manage potential customers for 5 of the Realty’s bungalows. These 5
bungalows are situated in close proximity. In order to make traveling easier, Shirley
decides to move to a location closer to the 5 bungalows. The table below gives the
location (X and Y coordinates) of the 5 bungalows along with the number of trips she
would have to make to each bungalow. Create a nonlinear model based on the data
given in the table below noting that the objective is to reduce the weighted distance
between Shirley’s accommodation and the 5 bungalows.
According to the model, what is the total weighted distance that Shirley would travel
between the bungalows?
A) 4151.29
B) 1529.39
C) 3152.08
D) 4305.30
Answer:
Identify the power of the test from the following probabilities.
A) P(rejecting H0 | H0 is true)
B) P(not rejecting H0 | H0 is false)
C) P(rejecting H0 | H0 is false)
D) P(not rejecting H0 | H0 is true)
Answer:
Letherin Hides is a company that makes boots specifically targeting college students.
Forecasts of sales for the next year are 200 in the summer, 450 in the autumn, and 500
in the winter. Accessories that are used on the boots are purchased from a supplier for
$31.66. The cost of capital is estimated to be 24% per year (or 6% per quarter); thus, the
holding cost per item is 0.06($31.66) = $1.9 per quarter (rounded figure). Letherin
Hides hires freelance art designers at part-time to craft designs during the summer, and
they earn $ 6 per hour. In the autumn, labor is more difficult to keep, and the owner
must pay $6.5 per hour to retain qualified help. Because of the high demand for
part-time help during the winter holiday season, labor rates are higher in the winter, and
workers earn $7.75 per hour. Each boot design takes 2 hours to complete. How should
production be planned over the three quarters to minimize the combined production and
inventory holding costs?
The table below provides information on Letherin Hides boot design cost and
production.
According to the linear optimization model, what is the net production for autumn?
A) 200
B) 500
C) 450
D) 50
Answer:
Below is a payoff table with three mortgage options:
What is the expected opportunity loss for the 3-year ARM?
A) $ 7,979.60
B) $ 3,959.40
C) $ 6,853.50
D) $ 8,621.40
Answer:
The Riviera Transport Company (RTC) produces car accessories at two plants: Dallas
and Atlanta. They ship them to major distribution centers in Houston, San Jose,
Jacksonville, and Memphis. The accounting, production, and marketing departments
have provided the information in the table below, which shows the unit cost of shipping
between any plant and distribution center, plant capacities over the next planning
period, and distribution center demands. RTC’s supply chain manager faces the problem
of determining how much to ship between each plant and distribution center to
minimize the total transportation cost, not exceed available capacity, and meet customer
demand.
Assume Xij = amount shipped from plant i to distribution center j, where i = 1
represents Dallas, i = 2 represents Atlanta, j = 1 represents Houston, and so on.
In a sensitivity report, a solution is considered a(n) ________ solution if the
right-hand-side value of any constraint has a zero Allowable Increase or Allowable
Decrease.
A) algorithmic
B) unbounded
C) infeasible
D) degenerate
Answer:
Which of the following charts shows three-dimensional data?
A) Surface chart
B) Column chart
C) Stock chart
D) Doughnut chart
Answer:
Which of the following is true of a training data set?
A) They are primarily used to fine-tune models.
B) They provide the most realistic estimate for a model’s performance.
C) They are used to build models where the data is unknown.
D) They have known outcomes.
Answer:
Identify the equation for calculating the net present value for a stated period of time,
where
Ft = cash flow in period t, and i is the discount rate.
A) NPV =
B) NPV =
C) NPV =
D) NPV =
Answer: